NEW YORK (TheStreet) -- BioLife Solutions (BLFS - Get Report) shares are up 19.37% to $2.28 on heavy volume trading Tuesday after the small cap biopharmaceutical company announced preliminary first quarter financial results about a month ahead of its official earnings release date.

The company said that it generated preliminary revenue of $1.5 million which was comprised entirely of proprietary product revenue, a 30% increase over the same period last year. The propriety product revenue increase for the company was driven by a 92% year over year increase from customers in its regenerative medicine segment.

"Our team is focused on operational execution, acquiring new customers and launching biologistex. We are very encouraged by our progress and optimistic about continued growth in 2015," said CEO Mike Rice.

Analysts at Zacks reiterated their "buy" rating on the company following the announcement today with a $6 price target. 

TheStreet Ratings team rates BIOLIFE SOLUTIONS INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate BIOLIFE SOLUTIONS INC (BLFS) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

BLFS Chart BLFS data by YCharts